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Born out of the desire for a simpler, more affordable way of life, the tiny home movement has spread at a furious pace—with the global market estimated to grow by a CAGR of almost 7%, adding nearly $5.2 billion in market size by 2022.
Given the economic pressures of today’s world, these alternative housing solutions have become not only a viable option for many people, but a vital one.
Today’s infographic from Calculator.me illustrates how the tiny home market got so big, and how it fares against traditional housing when it comes to providing environmentally friendly and affordable options.
It was not until the 2009 recession hit the U.S. that tiny homes became more of a realistic option, as the benefits of downscaling became more apparent.
From then on, three things propelled the popularity of tiny homes: rising house costs, shrinking incomes, and a greater consideration for the environment.
Today, 63% of U.S. millennials would consider living in a tiny home. However, the need to go tiny is not only confined to millennials, as 40% of tiny home owners are over fifty years old.
According to the infographic, a home is considered tiny (or micro) when it is between 80-400ft², and is at least 8ft in height.
Tiny homes also come with a tiny pricetag, costing just $23,000 on average to build—meaning tiny homes are almost ⅒ the price of traditional homes.
Other benefits of tiny home living include:
Further, tiny homes are providing people with alternative solutions for more sustainable living.
Certain models of tiny homes use energy from solar panels—presenting ample opportunities for an independent off-grid lifestyle. Moreover, research from Virginia Tech shows that living in tiny homes reduces energy consumption by up to 45%.
Using less energy can also be attributed to tiny homeowners using the space outside as an extension of their home. In fact, when there is usable space available outdoors, tiny home living may not seem as drastic in comparison to living in a traditional home.
There are however, some challenges for those who are considering this way of life. Zoning laws and building codes in the U.S. can be restrictive, with some states more supportive of the idea than others.
Despite these barriers, there are numerous organizations and initiatives that have been created in order to eliminate the pain points that come with tiny homes, and legitimize the industry.
With the promising trajectory of tiny homes, it is inevitable that the interest from global retailers continues to grow.
Japanese minimalist company, Muji, released their own tiny homes in 2017, costing $26,000 on average. At just under 107.6 ft², these tiny homes are prefabricated, meaning they are constructed in a factory off-site.
Amazon also recently announced their foray into the tiny home space, with dozens of models available on their website—delivering new homes right to their customers’ front doors.
Beyond the typical tiny home formats we see entering the market en masse, there are other alternatives which will become more readily available to consumers, including:
It is also worth pointing out that tiny homes and these alternative models don’t have to be restricted to under 400ft². Flat packs and do-it-yourself tiny homes can be as big as 1,000ft², with some of the largest models housing up to 24 people.
It is clear that the tiny home movement is not just about going back to basics, but rather, about making home ownership a reality for everyone—potentially disrupting the current housing market in the process.
The question is not if tiny homes will become the new normal, but when.
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The gender gap in corporate America is still prevalent, especially in leadership roles. In 2021, only 8.2% of Fortune 500 CEOs were female.
There’s been a massive push to increase diversity and inclusion in the workplace.
However, it appears corporate America still has a ways to go, particularly when it comes to diverse representation in corporate leadership roles. In 2021, only 8.2% of Fortune 500 CEOs were female. Of those females, 85% of them were white.
This graphic by Zainab Ayodimeji highlights the current state of diversity in corporate America, reminding us that there are still significant gender and racial gaps.
Since 1955, Fortune Magazine has released its annual Fortune 500 list that ranks the 500 largest U.S. companies, ranked by total revenue earned each fiscal year.
For the first 17 years of its publication, there were no female CEOs on the Fortune 500. Then in 1972, Katharine Graham became CEO of the Washington Post, making her the first-ever female CEO of a Fortune 500 company.
Following Graham, a few other women joined the ranks, such as Marion Sandler, co-CEO of Golden West Financial Corporation, and Linda Wachner, CEO of Warnaco Group. But apart from those few outliers, Fortune 500 CEOs remained almost exclusively male for the next few decades.
At the turn of the millennium, things started to change. Women-led companies started to appear more frequently on the Fortune 500. Here’s a breakdown that shows the number of women CEOs on the list, from 1999 to 2021:
Slowly, women of color started to appear on the list as well. In 1999, Andrea Jung, the CEO of Avon, became the first East Asian female CEO in the Fortune 500. And in 2009, Xerox CEO Ursula Burns was the first Black woman to become CEO of a Fortune 500 company.
By 2021, 41 of the Fortune 500 companies were led by women—8.2% of the overall list.
While this increasing total is a clear trend, it’s important to note that women make up nearly 50% of the global population, meaning genders are still not equally represented in corporate leadership.
Along with the number of societal and cultural benefits that come with a diverse workplace, research indicates that diversity can also be financially beneficial to corporations, and enhance a company’s bottom line.
A study by the Council of Foreign Relations found that gender equality in the workforce could add up to $28 trillion in global GDP.
According to the Council of Foreign Relations, a number of policy changes are needed to help close the gender gap in the workforce, such as legislation to promote women’s access to capital and financial services, or tax credits for childcare support.
Petroleum is the top import in twelve states, making it the most commonly imported commodity across America. Here are America’s top imports.
In 2021, the U.S. brought in approximately $2.83 trillion worth of goods from its various international trading partners.
But what types of goods are most commonly imported throughout different parts of America? This graphic by OnDeck shows the top import in every U.S. state, using January 2022 data from the U.S. Census Bureau.
Petroleum is the most popular import in 12 states, making it the most common import across America. In 2021, about 72% of imported petroleum was crude oil, which was then domestically refined into products like gasoline, diesel, or jet fuel.
A majority of that imported petroleum came from Canada, while roughly 11% was imported from OPEC countries, and 8% came from Russia. Of course, the latter figure will likely dip in 2022 because of the ban on Russian imports implemented by the Biden administration in response to the Russia-Ukraine conflict.
After petroleum, vehicles and medicine were tied for the second most-imported goods, with both categories being the most popular import in six states each.
Somewhat related to medicine are nucleic acids, which were the top imports in Florida and Nebraska. Nucleic acids are natural polymers that are used in biological processes like protein synthesis or messenger RNA (mRNA) translation. It’s worth noting that several COVID-19 vaccines, including those produced by Moderna and Pfizer-BioNTech, are mRNA vaccines.
In addition to outlining the most popular imports in each U.S. state, OnDeck highlights each state’s most unique import, visualized in the graphic below.
OnDeck defines each state’s “most unique” import as the category of goods that was imported by the fewest other states.
Salmon was Florida’s most unique import. This makes sense considering the Sunshine State is home to some of the country’s biggest seafood wholesalers, including North Star Seafood (owned by Sysco) and Tampa Bay Fisheries.
Another example is Delaware’s high imports of pineapples, totaling around $60.2 million in pineapples per year. This time, the culprit is Dole plc (formerly the Dole Food Company), the largest producer of fruit and vegetables in the world. Until 2021, the company’s headquarters were based in Delaware, and it still receives pineapple imports to the Port of Wilmington in the state’s largest city.
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